A main determinant of the elasticity of demand for a good is Select one: a. price...
A main determinant of the elasticity of demand for a good is
Select one:
a. price of complements
b. substitutability
c. income
d. price
Homework Answers
Answer :- Option 'b' is the correct Answer
A main determinant of the elasticity of demand for a good is substitutability.
key determinants of the price elasticity of demand for a product is availability of close substitutes, passage of time, necessities versus luxuries, definition of the market, and share of the good in the consumer's budget.
most important determinant of price elasticity of demand is the availability of close substitutes.
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A main determinant of the elasticity of demand for a good is
Select one:
a. price...
Which of the following is not a determinant of a good’s price elasticity of demand? Select...
Which of the following is not a determinant of a good’s price elasticity of demand? Select one: a. The slope of the demand curve b. The share of the good in the consumer’s total budget c. Whether the good is a luxury or a necessity d. The passage of time
Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________ and the percentage change in its quantity demanded is ________ than the percentage change in its price. A. Elastic: Smaller B. Elastic: Greater C. Inelastic: Smaller D. Inelastic: Greater Which of the following is not a determinant of the price elasticity of demand? A. Availability of substitutes B. Degree of necessity C. Cost relative to income D. Availability of inputs With a(n) ______ demand,...
Question 9 The most important determinant of the price elasticity of demand for a good is whether the good is a...
Question 9 The most important determinant of the price elasticity of demand for a good is whether the good is a necessity or a luxury. the definition of the market for a good. the share of the good in the consumer's budget. the availability of substitutes for the good. If a 6 percent increase in income leads to a 4 percent increase in quantity demanded for audio books, the income elasticity of demand is -0.67 0.67 1.5. 2.
Which of these is a determinant of price elasticity of supply? substitutability the time it takes...
Which of these is a determinant of price elasticity of supply? substitutability the time it takes to change plant capacity, and the number of firms in the industry the amount of income spent on the good resource costs associated with the good
If the price elasticity of demand (E) for a good is -16.9, a 10% increase in the price of the Good Select one: a. result...
If the price elasticity of demand (E) for a good is -16.9, a 10% increase in the price of the Good Select one: a. results in a 1.69% reduction in the quantity demanded of Good E. b. results in a 16.9% increase in the quantity demanded of Good E. c. results in a .169% reduction in the quantity demanded of Good E. d. results in a 169% increase in the quantity demanded of Good E.
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
The time horizon of the demand curve is one determinant of the price elasticity of demand...
The time horizon of the demand curve is one determinant of the price elasticity of demand Other things being equal, the demand for natural gas will tend to be elastic in the long run than in the short run. more 2. Time horizon and elasticity no more nor less The time horizon of the demand curve is one determinant of the priclessd. Other things being equal, the demand for natural gas will tend to be ▼ elastic in the long...
2. Which of the following statements is true? A) The price elasticity of demand is positive...
2. Which of the following statements is true? A) The price elasticity of demand is positive when there is an inverse relationship between price and quantity demanded. B) A positive income elasticity indicates that demand for a good rises as consumer income falls C) A positive cross-price elasticity for two goods A and B would arise if A and B were demand complements. D) A negative cross-price elasticity for two goods A and B would arise if A and B...
The time horizon of the demand curve is one determinant of the price elasticity of demand....
The time horizon of the demand curve is one determinant of the price elasticity of demand. Compared to the short-run demand for oil, the demand for oil in the long run will tend to be_________ elastic
When the income elasticity of demand for a good is negative, one can correctly conclude that:...
When the income elasticity of demand for a good is negative, one can correctly conclude that: total revenue will decrease when the price increases. the good is a substitute. the good is a complement. the good is a normal good. the good is an inferior good. As the price is raised along a straight-line demand curve, the demand curve becomes more elastic. True False Income elasticity of demand is expected to be _____. relatively high for necessities relatively low for...
Question 9 The most important determinant of the price elasticity of demand for a good is whether the good is a necessity or a luxury. the definition of the market for a good. the share of the good in the consumer's budget. the availability of substitutes for the good. If a 6 percent increase in income leads to a 4 percent increase in quantity demanded for audio books, the income elasticity of demand is -0.67 0.67 1.5. 2.
Which of these is a determinant of price elasticity of supply? substitutability the time it takes to change plant capacity, and the number of firms in the industry the amount of income spent on the good resource costs associated with the good
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
The time horizon of the demand curve is one determinant of the price elasticity of demand Other things being equal, the demand for natural gas will tend to be elastic in the long run than in the short run. more 2. Time horizon and elasticity no more nor less The time horizon of the demand curve is one determinant of the priclessd. Other things being equal, the demand for natural gas will tend to be ▼ elastic in the long...
2. Which of the following statements is true? A) The price elasticity of demand is positive when there is an inverse relationship between price and quantity demanded. B) A positive income elasticity indicates that demand for a good rises as consumer income falls C) A positive cross-price elasticity for two goods A and B would arise if A and B were demand complements. D) A negative cross-price elasticity for two goods A and B would arise if A and B...
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